$6.7 Billion Mobile Health Care Industry by 2014, Are You Part Of It?

Mobile App, this word we heard first time in 2008 and in 2010 it was declared “word of the year” by the American Dialect Society. The mobile health market is expected to be valued at $6.7 billion by the end of 2014, according to a report from research firm Visionagain. This is unbelievable, every week in Silicon Valley there is at least one Start-up networking event going on and in that event minimum 5 companies present their ideas, out of these 5 start-up companies, you will find at least one company will be presenting idea which is related to mobile health.  This is new gold rush in Silicon Valley and it is spreading all over the world. All entrepreneurs are racing against each other to bring new, innovative mobile health care related apps and medical devices. This is a mad rush among entrepreneurs but in their fight, both patients and heath care providers are getting benefited, which is a great news. No wonder, this mhealth (mobile health) industry is going to be $6.7 billion and I have decided to be part of it, what about you healthcarepreneurs?

I was at Stanford last week for “Biodesign for mobile health” course and got a chance to hear new technologies that are coming into the market and how Kaiser Permanente is becoming part of this innovation. It was very informative and I was looking for this kind of information all over the internet for last few months. Here is the video that I would like to share with you guys.

 

Till now traditionally, our health care system was more focused on hospitals and health care providers but now because of this mobile technologies, patients are at the center of the world and health care providers are coming to patients through mobile apps and medical devices. It is now becoming more real time data centered, on-demand access to medical records, more personalized than any day before and importantly reduction in cost. Mobile health is everywhere, starting from your house, hospitals, clinics and every other place where individual is going. And all these places are seamlessly transitioning all data into each other site. Truly, world is becoming smaller, faster and smarter. I am hoping you want to be part of this world.

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Healthcarepreneurship and Silicon Valley

fogy golden gate bridge

The hometown of entrepreneurs is Silicon Valley, if I say this then I am not wrong. 2013 was the year of IPOs. Out of 35 health care IPOs nationwide, 7 IPOs were from Silicon Valley itself. And in just first two months of 2014, already 17 IPOs were filed, that’s another record in health care industry.

Silicon Valley Bank who works with more than 50% of health care industry in nationwide, they just published their data. According to their study report, the number of health care IPOs were tripled just in 2013 and from 2005 this is the first time that venture investment has seen the biggest return, and expecting double return in 2014.

Why is there so much change suddenly in health care industry? It is not sudden. There were lot of activities going on in the background, especially what I have seen in Silicon Valley. Till now, Silicon Valley is famous for semiconductors, and IT industry but now as I said before in my first blog, the new breed of entrepreneurs started coming in the market, who were watching the big jump of IT industry, and upcoming new smart devices in the market. This new breed is believing in their health care industry and they knew there is a lot of scope for the health care industry if they can connect IT and health care. And I called these new breed of entrepreneurs as healthcarepreneurs.

From where this healthcarepreneurs suddenly started emerging? From what I have seen in Silicon Valley, there are several resources now available for health care experts to make their dream true of becoming an entrepreneur. Some of them I am listing here…

  1. UCSF ITA
  2. Stanford Technology Venture Program’s Entrepreneurship Corner
  3. Stanford Biodesign Resources
  4. Steve Blank’s Startup Tools, amazing place for an entrepreneur
  5. Berkeley’s Lester Center for Entrepreneurship

Plenty of Healthcare Accelerators and Incubators are all over the nationwide now and completely dedicated to the healthcare industry. Here are some from Silicon Valley …

  1. Rock Health, one of the first health related accelerator by Halle Tecco
  2. Startup Health by Former Time Warner CEO Jerry Levin
  3. Y Combinators, Dropbox and Airbnb are the biggest names in their portfolio
  4. AngelPad, founded by Ex-Googler Thomas Korte in 2010
  5. 500 Startups based in Mountain View, CA

Imagine that, Silicon Valley is providing everything well resourced and well connected centers needed for an entrepreneur where you can take your idea and come out with your IPO. Why not then you will dare to enter here? That’s what happened and happening from last few years in Silicon Valley.

 

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Emerging Innovative Market in Health Care Industry

Welcome Healthcarepreneurs, today we will discuss how market is helping to innovate health care industry. As you know, after globalization the world is now surrounded by hi-tech digital technology and making world smaller and smaller. Health care industry is also not far to embrace digitalization and already making progress in its way. As I learned through digital marketing, how every industry is collecting data from their consumers and how easily now they are reaching to the fingertips of their consumers and satisfying their needs. Same way now, health care industry is reaching to each and every corner of the world to understand people, their lifestyle and problems they are facing to get the proper basic health care. And for that they are taking help from social media, smart device apps and now wearable technologies; that emerges so many startups companies. There are very good insights on health care technology infographics by Fred Pennic to get the bigger picture.

Social Media and Health Care

Facebook changed the social media world, not only that the overall social media impacted the health care industry. There are some good statistics and numbers that explains in detail how extensively health care industry and its consumers are getting closer and closer. Health Care industry is very slow compare to others and it is expensive, but social media has been working closely with the consumers now, bringing all the changes with the speed and making it not expensive at the same time. As you see in last few days, both Facebook and Twitter gave very strong quarterly results that explains everything. Even when we started our healthcare club in Hult International Business School, we got more exposure when we opened a page on Facebook.

Impact of Social Media on Health Care Industry

Impact of Social Media on Health Care Industry

Smart Devices, Apps and Health Care Industry

After Social Media, next big thing is App, which is already showing its importance in the world of smart devices. There are thousands of apps on health care related topics and is in the process of disrupting health care industry. I believe people are more educated now through this apps than actually going through doctor and asking questions within 20 min clinic visit. Health care industry is a huge market, and there are plenty of things that normal person is unaware of. I am hoping though this apps most of the population in the world will get a direct access to medicinal, wellness, fitness and other health care related topics. Even, physicians are more becoming tech-savvy and doing remote patient management and mobile health using their mobile devices. By 2017, the prediction is this mobile industry is going to be a 26 billion dollar industry.

Future Mobile Healthcare

Future Mobile Healthcare

 Wearable Devices and Big Data

Just today I was networking in one of the health care mixer in Palo Alto, CA. I met almost 10-12 people who are now working on the different kinds of wearable devices and collecting data from the consumers. In the same meeting, I got a chance to talk to Medicinal Doctors and I asked them one single question that how much you are giving importance to these wearable devices. Everyone talked a lot about this new  technology and how it will be useful in understanding the patients. But at the end, they accepted that doctors hate computers and already they are spending lot of time on computers just for documentation. And if you asked them to see your data from your wearable device, he won’t even look at it. Anyway there is a still gap between this wearable devices and doctors attention.

At this moment, these wearable devices are continuously growing and trying to meet the needs in this fast changing world, where now more and more consumers are health conscious and more fitness centered. Basically, the main idea through this wearable devices is to educate and give them control on their body, without taking any help from doctors or nurses. Also, physicians can have the access to this big data to understand their patients and diagnose them well, especially chronic diseases.

Brands like Nike, Adidas, Samsung, and Google are already there in the wearable market, and now Apple is bringing iWatch soon. But there is one more industry blooming which is Big Data. Looking at this, wearable devices are going to stay here and both industries are seeing great future. I hope wearable industry will bring more revolution in health care industry.

Wearable Tech Market Insights

Wearable Tech Market Insights

I was just trying to bring to your attention that although health care industry is lethargic, and very expensive, there are so many changes already happening within around us. Also, other than what I mentioned above, scientists are also not behind in this new technology world, they are discovering innovative ways to tackle any health related problems and medical device experts are showing their talent by bringing automation in most of the medical instruments. This is what I called emerging market in health care industry.

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Healthcarepreneur — A New Breed of an Entrepreneur

Welcome to my first blog! I hope you will enjoy. I have no idea if someone is already using the word “Healthcarepreneurship” before. But I have coined this word almost a year before when I was planning for my MBA. One of my friend asked me what is your plan after MBA? That time I was completely in the mood of starting my own startup, but I have no idea in what field. I have a PhD in Organic Chemistry and had been working in the pharmaceutical industry for last 6 years as a Research Scientist position. I knew that my first company will be something related to my own field of drug discovery, so I told my friend that I want to become a Healthcarepreneur. Healthcarepreneur, I can define as an entrepreneur who wants to dedicate his or hers life for the human being health care related products. That’s my first innovation in health care industry. Good now I have created this new word, what next? Being a researcher, immediately I have started looking in this field by Healthcarepreneurship angle and I got amazed with the amount of work going on in the  Silicon Valley, CA. During my study, I got to know so many innovators, companies, investors and hi-techs industries all are working for bringing innovations in health care industries, there are so many meetup groups who are providing platform to these healthcarepreneurs and universities like UCSF running special programs with PhDs and MBAs to merge research and business brain. So, I have also decided to put my thoughts, collect all the information at one place and bring like minded people together using this blog platform to connect the outside healthcarepreneural world. I hope you will also have a great time reading my blogs and we will have a great discussion on certain topics. Never know, may be through these blogs some enthusiastic entrepreneur will find all the resources for opening an innovative startup on health care related products. I will definitely do my best to provide all the information related to start a business in health care industry. And I will be very glad to be part of your success. But I need your help too, I want you to be an active part of our healthy communication. So, let’s start together and be a Healthcarepreneur. As Mahatma Gandhi once said “Be the Change you want to see in the world” Lets bring that change that everyone knew is going to happen if not now then in future.

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